Perfios, a fintech firm, has raised $229 million in Series D funding from private equity investor Kedaara Capital for corporate expansion.
Kedaara will invest the funds through a combination of primary and secondary fund raising. The investor intends to expand in North America and Europe, as well as invest in new technologies, in order to strengthen its portfolio of software as a service (SaaS) products for banking, insurance, and commerce.
Perfios, which is based in Bengaluru and specialises in offering SaaS services to other firms, had raised $70 million in a Series C fundraising round last year from Warburg Pincus, Bessemer Venture Partners, and other investors.
In 2019, it raised $50 million in a Series B investment led by an associate of Warburg Pincus LLC and Bessemer Venture Partners private equity funds.
“This (Series D) investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe. We are very happy to have Kedaara Capital as a new investor, and thankful to Bessemer Venture Partners and Warburg Pincus for their continued support and confidence in us,” said Sabyasachi Goswami, Chief Executive Officer of Perfios.
Perfios supports the banking, financial services, and insurance (BFSI) industries in 18 countries and provides 8.2 billion data points to banks and financial institutions for decision making each year. According to a release, it processes 1.7 billion transactions every year and has a $36 billion asset under management (AUM).
“Led by one of the strongest teams in the space, Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally. Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market-leading position, and we are excited to partner with them,” said Nishant Sharma, Founder and managing partner at Kedaara Capital.
